The allegations, though not exactly confirmed by Google, were enough to cause analysts to downgrade LendingTree, which is publicly traded as "TREE." (A Google spokesperson told Stifel Nicolaus analyst George Askew about "a small ad unit test that will run against a limited number of mortgage-related search queries," but would not confirm a specific product launch or give other specifics.)

This morning, Askew downgraded the TREE shares to "Sell" from "Hold" due to the risks of a similar Google service. Askew said he expects a Google launch in a few weeks.

We're left scratching our heads at why Google would launch such a service, given the somewhat limited revenue potential. With $22 billion in revenue, one would think another $200 million or so wouldn't exactly make them froth at the mouth. However, if Mortech is in fact partnering with Google, it may be doing most of the heavy lifting, which would make more sense to us.